NSW Wheat Futures

Underlying Commodity NSW Wheat
ASX 24 Code VW
Physical Grade Grain Trade Australia (GTA) Wheat Standard CSG 103 (APW1) 10.5% Protein*
Pricing Point New South Wales (NSW) track (Newcastle and Port Kembla)
Contract Unit 20 metric tonnes
Quotation Tick Size AUD $0.10 per tonne. Tick value of $2 per contract.
Settlement Months January, March, May, July, September
Last Trading Day and Maturity Date The third Thursday of the maturity month, provided this is a trading day.
Trading Hours

Night Session: 5.14pm to 7.00am (For period from second Sunday in March to first Sunday in November) 
Night Session: 5.14pm to 7.30am (For period from first Sunday in November to second Sunday in March) 
Day Session: 11.00am to 4.00pm
Trading ceases at 12pm on Maturity Date
All times are AEST / AEDT**

Settlement Method Physical delivery
Delivery Period Begins on the second business day of the contract month and ends at 3pm on the Last Trading Day.
Notice Day Any business day within the Delivery Period on which notice is given via lodgement of tender documentation with ASX Clearing Corporation.
Settlement Day The business day following the Notice Day.
Settlement Amount The final Settlement Amount is calculated from the settlement price on the Notice Day. This price is adjusted for GTA location differentials, shrink, protein premiums (see Premiums and Discounts), receival fees and GST.
Deliverable Grade Australian Wheat as per GTA Bin Grade APW2 or better, new crop year, transferred on a grower receival stack average*** basis (see Premiums and Discounts). Milling wheat must be new crop stock.
Approved Warehouses and Delivery Locations Up-country locations in NSW of an Approved Bulk Handler, tributary to either Newcastle or Port Kembla with rail and road outloading capability.
Premiums and Discounts

Settlement Months – up to and including January 2014
Minimum Protein 10% – based on grower receival stack average. Protein premium paid at 60 cents per 0.1% of protein. Protein range payable from 10% to 11.4%. Premiums paid on grower receival stack average data*** as per Approved Bulk Handler’s stock report.

Settlement Months – March 2014 onward
Minimum Protein 10.5% - flat price paid for binning grades with minimum protein of 10.5% (e.g. APW1); no premium paid for binning grades with a minimum protein in excess of 11.4% (e.g. H2, H1, APH2 and APH1).

* For contract maturities up to and including January 2014, settlement will remain based on a Minimum Protein level of 10% and adjusted accordingly in line with the applicable grower receival stack average data, refer to Premiums and Discounts.

** AEDT commences the first Sunday of October and finishes the first Sunday of April.

*** When grain is initially received at a bulk handler depot, it is tested and the results are recorded. At the completion of harvest, each delivery depot has an average of the grain characteristics for each grain type. This is referred to as the grower receival stack average. When a futures contract is tendered and the grain is transferred from one party to another, the transfer and any associated premium and discount price adjustments are based on the grower receival stack average grain characteristics (see Premiums and Discounts).

In the case of any discrepancy between this document and the ASX 24 Operating Rules and ASX Clear (Futures) Operating Rules the respective Operating Rules prevail.